The EBF supports financial services regulation that protects consumers, promotes market integrity and supports long term investment, economic growth and job creation in Europe. Following the global financial crisis in 2008, the EU in cooperation with the G20 have set out to deliver an ambitious reform agenda to restore financial stability and public confidence in the financial system. The completed reform agenda in Europe now includes:

• an updated supervisory framework with strengthened capital and liquidity requirements and enhanced banking supervision

• a new crisis management framework for banks with recovery and resolution tools for resolution authorities,

• more effective deposit protection for faster pay-out,

• the creation of the banking union with a single supervisory mechanism and single resolution mechanism for the euro area.

Overall, these reforms have made the European financial system more stable, resilient whilst providing a more harmonised single rulebook for EU banks that is consistent with international standards. However, international policy making for financial services remains an ongoing process that continuously reviews evolving risks to keep the regulatory framework up to speed with technological and economic developments.

At the same time many of the reforms that have been implemented or are still in the process of being implemented need to be monitored for unintended consequences and potential divergences with other jurisdictions that could lead to an unlevel playing field for European banks. If necessary, existing rules need to be re-calibrated to reduce the burden for European banks so they can continue to finance economic growth and jobs and remain competitive in global financial markets.